Macro Insights Weekly - Assessing global growth momentum

There is rising clamour in the markets for easier monetary policy around the narrative of slowing economic growth momentum. We however don't believe major policy support response is warranted.
Goods demand has slowed but is stable. Services are doing very well globally.
Trade cycle is humming, with Asian exporters' order books looking good.
US/EU cycle may be maturing, Asia is still on the post-pandemic upswing and investment surge.
Nowcasting estimtes show healthy 3Q economic growth in major economies.
US labour market, focus of much attention lately, is slowing but remains strong. No panic needed.